Telesat is a Canadian satellite communications company and operator, providing connectivity solutions to telecom, government, and enterprise clients globally. They are currently developing Telesat Lightspeed, a low Earth orbit (LEO) constellation of 198 satellites designed for high-speed, low-latency broadband services. Telesat partners with companies like MDA Space, Orange, and Intellian for satellite manufacturing, terrestrial infrastructure, and user terminals. The company aims to begin launching satellites in 2026, with the constellation fully operational by 2027.
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Eutelsat and Telesat are currently focusing their investments on LEO constellations rather than D2D services.
In September 2025, Telesat completed the distribution of 62% of its Lightspeed equity to an indirect subsidiary of Telesat Corporation.
Telesat is making a $5 million investment into flat panel antenna developer Farcast for its Lightspeed network.
Telesat reported a 27% revenue decline year-over-year for its Geostationary Orbit (GEO) business.
Telesat reported an adjusted EBITDA of $47 million for Q3 2025, down 51% year-over-year.
Telesat's first Lightspeed satellites are scheduled for launch in late 2026, with the initial Pathfinder spacecraft expected around December.
Telesat reported a revenue of $101 million for the third quarter of 2025, which is a 27% decrease compared to the same period in 2024.
Telesat plans to begin global service once 96 of 156 Lightspeed satellites are in orbit for a few months.
Telesat anticipates LEO operating expenses of $75 million to $85 million and capital expenditures of $900 million to $1.1 billion for Lightspeed in 2025.
The change in Telesat’s net loss was due to lower revenue combined with a foreign exchange loss.
Telesat’s LEO backlog remains at $1.1 billion, with an additional $900 million in GEO backlog and a fleet utilization rate of 69% as of September 30, 2025.
Telesat’s net loss for the quarter was CA$121 million ($86 million) compared to a net income of CA$68 million ($48 million) for the same period last year.
Terminals fully integrated with the Telesat Lightspeed modem are planned to be available for 2027.
Telesat has worked with Farcast since 2022 to build and test hardware for operation on the Lightspeed network.
For the nine months ended September 30, 2025, Telesat's revenue was $324 million, a decline of 27%, and adjusted EBITDA was $173 million, down 44%.
Telesat registered a net loss of $121 million in Q3 2025, compared to a net income of $68 million in Q3 2024.
Telesat reported revenue of CA$101 million ($72 million) for the third quarter, a decrease of 27% compared to the same period in 2024.
Telesat’s optical inter-satellite links for Lightspeed comply with U.S. Space Development Agency standards, allowing integration with U.S. defense networks.
Telesat announced the investment along with its third quarter financial results.
Telesat CEO Dan Goldberg stated that the year has largely developed as expected for the GEO business.